Hsbc Holdings PLC Reduces Holdings in The Bank of New York Mellon Corporation $BK

Hsbc Holdings PLC reduced its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 2.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,415,613 shares of the bank’s stock after selling 50,076 shares during the period. Hsbc Holdings PLC owned about 0.34% of Bank of New York Mellon worth $220,042,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Nuveen LLC bought a new stake in shares of Bank of New York Mellon during the 1st quarter valued at $773,627,000. Goldman Sachs Group Inc. lifted its position in Bank of New York Mellon by 26.3% during the first quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank’s stock valued at $423,858,000 after purchasing an additional 1,052,145 shares in the last quarter. Wellington Management Group LLP grew its holdings in Bank of New York Mellon by 257.6% during the first quarter. Wellington Management Group LLP now owns 1,236,255 shares of the bank’s stock valued at $103,685,000 after purchasing an additional 890,593 shares during the period. AQR Capital Management LLC increased its position in Bank of New York Mellon by 37.7% in the first quarter. AQR Capital Management LLC now owns 3,244,204 shares of the bank’s stock worth $266,349,000 after buying an additional 887,361 shares in the last quarter. Finally, Citigroup Inc. increased its position in Bank of New York Mellon by 126.9% in the first quarter. Citigroup Inc. now owns 1,557,145 shares of the bank’s stock worth $130,598,000 after buying an additional 870,844 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on BK shares. TD Cowen lifted their price objective on Bank of New York Mellon from $130.00 to $133.00 and gave the company a “buy” rating in a research report on Monday, October 20th. Morgan Stanley raised their target price on shares of Bank of New York Mellon from $101.00 to $116.00 and gave the stock an “overweight” rating in a research note on Monday, September 29th. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of New York Mellon in a research report on Tuesday. Truist Financial increased their price objective on shares of Bank of New York Mellon from $118.00 to $119.00 and gave the stock a “hold” rating in a research note on Friday, October 17th. Finally, Wells Fargo & Company raised their price objective on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the company an “equal weight” rating in a research report on Friday, October 17th. Ten research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $111.29.

Bank of New York Mellon Trading Up 0.5%

Bank of New York Mellon stock opened at $111.94 on Friday. The Bank of New York Mellon Corporation has a 1 year low of $70.46 and a 1 year high of $113.74. The firm’s 50 day moving average price is $108.23 and its 200-day moving average price is $100.77. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.70 and a quick ratio of 0.72. The stock has a market cap of $78.06 billion, a P/E ratio of 16.15, a PEG ratio of 0.98 and a beta of 1.13.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Tuesday, March 26th. The bank reported $1.30 earnings per share for the quarter. The firm had revenue of $4.38 billion during the quarter. Bank of New York Mellon had a net margin of 12.86% and a return on equity of 14.03%. On average, equities analysts predict that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 7th. Stockholders of record on Monday, October 27th were issued a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend was Monday, October 27th. Bank of New York Mellon’s payout ratio is 30.59%.

Bank of New York Mellon Company Profile

The Bank of New York Mellon Corporation provides a range of financial products and services in the United States and internationally. The company operates through Securities Services, Market and Wealth Services, Investment and Wealth Management, and other segments. The Securities Services segment offers custody, trust and depositary, accounting, exchange-traded funds, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, and data analytics.